A Tale of Two Markets

“Congratulations. I knew the record would stand until it was broken” – Yogi Berra One of the strangest aspects of this year’s stock market behavior is not the fact that the S&P 500 index dropped as much as it did in March, but that it reached a new high barely five months later, at a […]

Posted in Uncategorized | Comments closed

Deglobalization

As the world struggles with the COVID-19 pandemic, the economic shocks created by widespread shutdowns have laid bare the risks of the globalized economy. In the post-Cold War era, borders opened, transportation became cheaper, and the Internet transformed communications. These changes encouraged companies across the developed world to move factories to countries with cheaper labor, […]

Posted in Uncategorized | Comments closed

Looking Across the Valley

In the few weeks since we last wrote about the coronavirus situation and its impact on the stock and bond markets, a lot has changed. The stock market dropped firmly into bear market territory. Bond yields and even gold prices have been whipsawed around, indicating that at times the only thing some investors seem to […]

Posted in Editor's Choice, Uncategorized | Comments closed

Pandemic of Uncertainty

After an uninterrupted rally in 2019, the stock market has suddenly dropped.  In three days, the strong start to 2020 was wiped out.  In six days, we hit correction territory, down 10% from the all-time high.  By now, everyone probably knows that the triggering event of this downturn was SARS-CoV-2 (a.k.a. coronavirus), specifically its sudden […]

Posted in Uncategorized | Comments closed

2020 – THE YEAR AHEAD

The last twelve months saw a strong resumption of the bull market for U.S. stocks, calming investor fears that 2018’s late sell-off foretold the end of the current economic cycle. With the exception of a few 5-7% pullbacks in the middle of the year as investors digested earlier gains and fretted about continuing trade war […]

Posted in Uncategorized | Comments closed

Beating Up Big Tech

In the early days of the Internet, the concept of what can and should be published–and who is responsible for it–troubled authorities. Despite a key 1996 law that seemed to address the issue, more than two decades of explosive growth in the amount of information available online has exacerbated that concern, and prompted new ones. […]

Posted in Editor's Choice, Uncategorized | Comments closed

The Fed, Inflation and Too Much Money?

Since the end of the Great Recession in 2009, inflation has remained stubbornly low. Even after ten years of economic growth and an unprecedented injection of money into the economy, inflation has consistently remained below the Federal Reserve’s stated target of two percent per year. The causes of this weakness are a matter of intense […]

Posted in Uncategorized | Comments closed

The Evolving Landscape of Healthcare in the U.S.

Healthcare is a complex, highly regulated, and expensive institution, accounting for a whopping $3.5 trillion of spending per year.  According to the Centers for Medicare & Medicaid Services (CMS) national healthcare expenditures are expected to grow faster than the overall economy, at an average of 5.5% annually from 2018 to 2027.  If that comes to […]

Posted in Uncategorized | Comments closed

2019 – The Year Ahead

The year just ending was everything the previous year was not.  Instead of steady double-digit returns in the U.S. stock market, investors saw returns evaporate, accompanied by a dramatic increase in volatility. After starting the year with a bang in response to positive expectations about corporate tax law changes, the stock market pulled back sharply […]

Posted in Uncategorized | Comments closed

5G Wireless

Companies that develop or benefit from wireless technology have had a place in BTR’s portfolios for years.  In the most advanced economies, smart phones are ubiquitous, and they are becoming ever more prevalent in developing economies, so the theme is maturing.  As we embark upon the fifth generation of wireless technology, a.k.a. 5G, it behooves […]

Posted in Editor's Choice, Uncategorized | Comments closed